The naira exchange rate climbed to N1365 per dollar at the official market in the absence of significant demand for international payment. The forex market liquidity improved as interbank trading deals spiked, according to data released by the Central Bank.

The naira rallied against the US dollar at the Nigerian foreign exchange market (NFEM) on Monday, reflecting improved liquidity in the official window. The naira climbed to N1365, according to the daily FX published by the Central Bank of Nigeria, from N1374.94 at last week’s close.

The South African rand weakened against major crosses in the foreign exchange market as investors sought positions in safer global currencies amid geopolitical pressures.

The Kenyan shilling (KES) gained strength against major crosses in the foreign exchange market last week, reflecting the absence of significant pressure on the local currency amidst growing diaspora remittances.

The Nigerian naira gained about N11.80 kobo per US dollar (USD) at the official window in April, closing at N1374.9431, according to daily FX publications released by the Apex Bank.

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